La. Admin. Code tit. 13 § I-2701

Current through Register Vol. 50, No. 11, November 20, 2024

Section I-2701 - Purpose and Application

A. The purpose of this Chapter is to implement the Technology Commercialization Credit and Jobs Program as established by R.S. 51:2351 et seq.

B. This Chapter shall be administered to achieve the following purposes:

1. to induce companies purchasing the rights to commercialize technology produced at a Louisiana university to locate and grow their businesses in Louisiana;

2. to expand the economy of the state by enlarging its base of technology and research-based businesses;

3. to enlarge the number of quality jobs available to an educated workforce to retain the presence of young people educated in Louisiana colleges and universities; and

4. to attract and retain the finest research faculty to Louisiana universities.

C. This Chapter shall apply to any person:

1. seeking to become qualified to claim a credit; or

2. claiming a credit.

D. Qualifying individuals or businesses that invest in the commercialization of Louisiana technology in Louisiana may earn, apply for, and be granted a refundable tax credit on any income or corporation franchise tax liability and earn a refundable tax credit based on new jobs created. Qualifying research centers that develop Louisiana technology to be commercialized may earn apply for, and be granted a refundable tax credit based on new jobs created.

La. Admin. Code tit. 13, § I-2701

Promulgated by the Department of Economic Development, Office of Business Development Services, Business Resources Division, LR 30:978 (May 2004), amended LR 36:308 (February 2010).

AUTHORITY NOTE: Promulgated in accordance with R.S. 51:2351 and 2353.B.(1).